Dow Average Loses 6.5 To 1,314.29

August 13, 1985|The New York Times

NEW YORK — Stock prices ended broadly lower Monday after a late rally failed to push equities into plus territory.

The Dow Jones industrial average, down nearly 6 points in early trading, recovered in late afternoon to show a loss of less than a point. But late profit-taking caused the blue-chip indicator to finish 6.50 points lower, at 1,314.29, its lowest level since June 20, when it closed at 1,299.73.

Declining stocks on the Big Board ran ahead of advancing issues by 947 to 574, as volume shrank to 77.3 million shares, from 81.8 million shares Friday.

Specific developments served as catalysts to most of the stock movement in Monday`s slow market.

Union Carbide dropped $1.87, to $48.87. Over the weekend, fumes leaking from a company chemical plant in West Virginia caused hundreds of people to flee their homes.

United Energy was far and away the leader on the most-active list, climbing $3.75 to $39.75 on a volume of 4.6 million shares. The company agreed Monday to merge with the MidCon Corp.